Related Keywords: anticipated price hike, cotton price, Karachi Cotton Association, Pakistan cotton market, spot rate
Pakistan cotton market witnessed decline in trade turnover of cotton as several textile mill-owners remained on the sidelines on ease in panic-related to anticipated price hike. The decline was by 43 percent to 11,500 bales (155 kilograms each) on Saturday.
According to Naseem Usman, a broker at the Karachi Cotton Exchange, the ease in cotton price worldwide influenced mill-owners to remain on the sidelines at the local markets.
The Karachi Cotton Association (KCA) kept its official rate for cotton unchanged for the second working day at Rs4,850/maund.
